Found this via a friend. If you are on a Mac/OSX 10.4 or greater.
http://sbooth.org/ (http://sbooth.org/)
Rips to multiple formats, simultaneously if you want. I can rip to Apple Lossless and mp3. Set it, forget it and just let it run. I can choose a directory containing subs with albums and it outputs in the same directory format. I am ripping to Apple Lossless and mp3 on a USB external HD then add to iTunes library and dump to Nano (mp3 to Nano and Apple Lossless for permanent BU). Sweet deal and it is not even a v1.0 yet.
David